Investment bank Goldman Sachs (GS) has announced plans to expand to Birmingham, England, later this year.
The US bank on Tuesday said it would open a new office in the midlands city in the third quarter of 2021 as part of a commitment to developing tech and engineering talent in the city.
Goldman will initially build an engineering department in Birmingham through a mix of new hires and employee transfers. The bank expects a headcount of "several hundred" across a number of divisions over time.
Goldman said that having a launchpad in Birmingham would offer unique advantages and said the city’s proximity to London would allow for easy travel between UK offices. The bank employs thousands of staff at a purpose built headquarters near London's Blackfriars.
“Establishing a new office in Birmingham will diversify our UK footprint and give us access to a broad and deep talent pool in the local area," Richard Gnodde, CEO of Goldman Sachs International, said.
"We see tremendous opportunity to enhance our UK presence and continue delivering for our global clients.”
Goldman has opened several regional offices across Europe in recent years, including locations in Warsaw, Poland, and Stockholm.
Jo Hannaford, head of engineering in EMEA and global head of regulatory and business services, said: "Many people have asked ‘Why Birmingham’, and quite simply we go where the talent takes us.
"When opening a new office, we look for locations that are fast paced, vibrant, innovative, full of culture, and of course, deliver quality talent; Birmingham perfectly fits that bill and is home to many excellent universities. We are very excited to be expanding our footprint in the UK."
Birmingham is England's second biggest city after London. HSBC (HSBA.L) and Deutsche Bank (DB) both already have significant presences in Birmingham, with around 1,000 tech and back office roles based there.
Goldman will initially take space in a temporary location in Birmingham, before moving to a space specifically designed for engineers.
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